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Court holds for Alfa-Bank in its $178 mln suit against MСG development company

12:03 25/08/2011

MOSCOW, August 25 - RAPSI, Alyona Yegorova. The Moscow Commercial Court has held in favor of Alfa Bank in its $178,216,000 claim against MosCityGroup Corporation Ltd (MCG). the Russia Legal Information Agency (RAPSI) reports from the courtroom.

The bank initially sought $198.36 million, but reduced its claim after MCG paid the loan interest it owed in March.

Judge Dmitry Kotelnikov dismissed a counterclaim filed by MCG seeking a court declaration that the disputed guarantee was for an unfixed term.

MCG was founded in 2006. It is owned by Pavel Fuks, along with Sanovia Enterprises Ltd and Surinol Trading & Investments Ltd, both foreign companies. Its portfolio includes roughly 7 million square meters of project development.. MCG was engaged in the construction of the Eurasia Tower and Imperial Tower skyscrapers in the Moscow City business center. It also owns the five-star Peter the Great hotel, which is located near the Budapest hotel.

Founded in 1990, Alfa Bank is one the Russias top 10 banks.

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Court holds for Alfa-Bank in its $178 mln suit against MСG development company

12:03 25/08/2011 The Moscow Commercial Court has held in favor of Alfa Bank in its $178,216,000 claim against MosCityGroup Corporation Ltd (MCG)
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